Penn Medicine Chery Hill serves as a primary care center and clinical offices for numerous medical practices, including cardiology and radiology. (Photo courtesy of Penn Medicine)
CBRE’s Capital Markets Debt & Structured Finance team announced today that it has arranged a $41 million life company loan for a 155,000 square-foot office building located at 1865 Marlton Pike East in Cherry Hill, New Jersey. The property, which is leased on a long-term basis to University of Pennsylvania Health System, is a state-of-the-art multi-disciplinary facility that serves as a primary care center and clinical offices for numerous medical practices, including cardiology and radiology. CBRE’s Nick Harris, Steve Roth and Steven Doherty procured financing for the buyer.
“The opportunity to finance UPenn Cherry Hill was pursued by a wide array of life companies,” said Harris. “They were attracted to the credit tenancy, lease term, state-of-the-art medical office redevelopment of the property, and the borrower’s long-term track record as a market leader in the medical office building space.”
Robert Fahey, Jerry Kranzel and Jeffrey Shell of CBRE Capital Markets’ Institutional Properties team represented the seller during the transaction in January of this year. The building traded hands for nearly $82 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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